TABLE 6. Permanent pasture, flood-irrigated, budgeted per acre costs and returns for a 10 acre part-time farm,
         Cibola County, 2001.
              Harvest Dates: Year-round
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         ITEM                  PRICE             YIELD                                                          TOTAL
---------------------------------------------------------------------------------------------------------------------
GROSS RETURNS
    PASTURE                  $12.00              5.00  AUMS                                                   $60.00
                                                                                                              ______
         TOTAL                                                                                                $60.00
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                                                               PURCHASED                               FIXED
PURCHASED INPUTS               PRICE             QUANTITY        INPUTS                                 COST    TOTAL
--------- ------              -----             -----------      ------                              ------   ------
    ESTABLISHMENT: Principal                       20  YEARS                                         $10.01   $10.01
                 : Interest                                                                           $6.72    $6.72
    CANAL WATER                                    30  AC. IN.    $9.00                                        $9.00
                                                                 ______                              ______   ______
         SUBTOTAL                                                 $9.00                              $16.73   $25.73
 
                               POWER         ACCOMPLISHMENT    PURCHASED              FUEL             FIXED
PREHARVEST OPERATIONS           UNIT              RATE            INPUTS    LABOR   & LUBE  REPAIRS     COST    TOTAL
---------- ----------      --------------      -----------     ---------   -----    -----   -------   -----    -----
    IRRIGATE (4X)                                3.00  HR                 $15.45                              $15.45
                                                _________                 ______   ______   ______   ______   ______
         SUBTOTAL                                3.00  HR                 $15.45                              $15.45
 
OVERHEAD EXPENSES
-------- --------
    DOWNTIME                                     0.00  HR                  $0.00                               $0.00
    EMPLOYEE BENEFITS                                                      $1.85                               $1.85
    INSURANCE                                                     $0.19                                        $0.19
    LAND TAXES                                                                                        $0.31    $0.31
    SUPERVISION AND MANAGEMENT                                             $3.90                               $3.90
    OTHER EXPENSES                                              $181.56                                      $181.56
                                                _________        ______   ______                     ______   ______
         SUBTOTAL                                0.00  HR       $181.75    $5.75                      $0.31  $187.82
                                                ---------        ------   ------   ------   ------   ------  -------
TOTAL OPERATING EXPENSES                         3.00  HR       $190.75   $21.20    $0.00    $0.00   $17.04  $228.99
 
NET OPERATING PROFIT                                                                                        ($168.99)
 
    INTEREST ON OPERATING CAPITAL           (   $4.50     @        9.00%)                                      $0.41
    INTEREST ON EQUIPMENT INVESTMENT                                                                           $0.00
 
RETURN TO LAND AND RISK                                                                                     ($169.40)
=====================================================================================================================
                                         BUDGET SUMMARY
 
GROSS RETURN                                   $60.00
  VARIABLE OPERATING EXPENSES        $190.75
RETURN OVER VARIABLE EXPENSES                ($130.75)    (GROSS MARGIN)
  FIXED EXPENSES                      $17.04
NET FARM INCOME                              ($147.79)    (RETURN TO CAPITAL, LABOR, LAND & RISK)
  LABOR AND MANAGEMENT COST           $21.20
NET OPERATING PROFIT                         ($168.99)    (RETURN TO CAPITAL, LAND & RISK)
  CAPITAL COSTS                        $0.41
RETURN TO LAND AND RISK                      ($169.40)
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